Clients

  Estate Planning

CHALLENGE

Mr. and Mrs. Harris started their business nearly 25 years ago. The founders desired to move on to charitable ventures and retirement, and had spent a couple of years debating the best way to accomplish their goals. Their two sons who worked in the business desired to carry on the family legacy and continue to grow the business. Mr. and Mrs. Harris were concerned that the children in and out of the business were treated fairly. They were also concerned for their 200+ employees who had helped build the business.

STRATEGY AND SOLUTION

Andina was engaged to help navigate business succession options that met their goals. Through Andina’s process the management team decided to implement an Employee Stock Ownership Plan.

RESULT AND CLIENT BENEFITS

The ESOP provided Mr. and Mrs. Harris with financial security, allowed their sons to continue to grow the business, receive significant tax benefits and offer an employee retention tool.